Solar system financing

[snic]

Anyone know of solar financing available for less than 3% over 12 years WITHOUT the $3k finance up front fee?

My installer mentioned a few months ago that one of the solar panel makers - I think it was Aleo - was offering 2.9% financing for whatever costs are not paid by incentives and credits. Actually it's somewhat better than that - I think the rate is lower or zero for the first 6 months or a year (i.e., until you get the tax credits), then it goes up to 2.9% if you don't pay off the entire loan. Google "Aleo financing" and some articles come up. I'm sure you could ask Aleo for the names of local installers of their panels.

[foobar]

anyone have their solar financed through Admiral's bank or Enerbank? Any feedback?

[russ]

How would you do to get electricity if you stopped paying your electricity bill?

I wouldn't and you won't either - The costs where I live and with zero incentives make solar PV totally unreasonable - we have to pay the entire costs - nothing is dumped on the neighbor.

[foobar]

Guaranteed I would pay the power company rather than a finance company - I can stop any time I want there.

Like Sunking - it has been many years since I financed anything.

How would you do to get electricity if you stopped paying your electricity bill?

[russ]

Guaranteed I would pay the power company rather than a finance company - I can stop any time I want there.

Like Sunking - it has been many years since I financed anything.

[Naptown]

Buying the Sunpower system as that's what the financing looks like

Naptown ?

Actually looks like you are buying a Sunpower system.

[Sunking]

Agreed! Although I'm waiting on Sunking to chime in otherwise.

Don't wait on me. I have not financed anything in over 20 years. Learned that game a long time ago, now I am on the receiving end. People pay me, I do not pay them.

[foobar]

I did 7, they tried to get me to do ten, the longer you finance the more money they make. I'd rather finance than give my money to PG&E with no end date.

Agreed! Although I'm waiting on Sunking to chime in otherwise.

[jlgarza15]

Is that over 12 years? Amortized $19k @ 6.5% over 12 years == $8400 interest.

The other plan seems still better even if I rolled the $3k into the original $19k amount:

$19k + $3k == $22k @ 2.99% over 12 years == $4,209.42 interest therefore the amount to finance == $7209.42. $1200 less.

I did 7, they tried to get me to do ten, the longer you finance the more money they make. I'd rather finance than give my money to PG&E with no end date.

[foobar]

Buying the Sunpower system as that's what the financing looks like

Naptown ?

[Naptown]

Buying the Sunpower system as that's what the financing looks like

[foobar]

EECU out of Fresno finances solar for 6.5%, no upfront fees. You have to be member, but they take care of that. I went through them.

Is that over 12 years? Amortized $19k @ 6.5% over 12 years == $8400 interest.

The other plan seems still better even if I rolled the $3k into the original $19k amount:

$19k + $3k == $22k @ 2.99% over 12 years == $4,209.42 interest therefore the amount to finance == $7209.42. $1200 less.

[jlgarza15]

EECU out of Fresno finances solar for 6.5%, no upfront fees. You have to be member, but they take care of that. I went through them.

[foobar]

$3,000 bank fee? lol What installer offering you this deal?

Sent you a PM on the installer.

[foobar]

What utilities company are your using? I know you are in San Diego area but not sure which utilities company...


Sorry just saw you mention SCE, so CSI is still available for your system


Have you ask how they calculate you solar loan? simple interest as car loan or like a home mortage with compound interest?

According to the installer he says SCE does have some form of rebate which he calculated ~$1500. The loan is compound interest, amortized the total interest paid (not counting the $3k upfront) is ~$3600 over 12 years (for $19k borrowed).